what was clinton's great line about reuben? you mean the f-ing bond market is in control? remember that? the politicians have no incentive but the market is a fickle and violent thing and one day, it goes like that. zpl. >> the clock is ticking closer. the cuts are set to go into effect friday, march 1st. joining me now, two co-chairs of the campaign to fix the debt founded by alan simpson, judd gregg from new hampshire and ed rendell, the former chair of the democratic party. thanks for joining us. so, what do you think? assuming the affects kick in, what is the immediate impact? ed rendell. >> well, in the very short-term, it will be limited impact, but as the days ghooes on, you'll s people let off of the federal government. you're going to see defense workers let off of their jobs. you're going to see the federal bureaucracy if not grind to a halt be limited in its ability to protect us and keep things moving. it's going to be a real difficult time and it's happening at the worst time when the economy took a hit the last quarter. when it's vulnerable. what we need to b